- UK authorities recovered £5.6 million from fixer Hok Seng Ling, plus interest.
- Victims seek ownership of 61,000 seized Bitcoin valued at roughly £3.8 billion.
- Chinese law will govern victims’ claims, but Bitcoin ownership remains undecided.
British authorities have recovered £5.6 million from Hok Seng Ling, who helped Chinese fraudster Zhimin Qian launder proceeds from her investment scheme. The payment fulfills his confiscation order while victims pursue ownership claims over a separate seizure of 61,000 Bitcoin, valued at £3.8 billion.
A freedom of information response from the Crown Prosecution Service (CPS) confirmed the recovery of £5,603,305, plus £1,990 in interest. Most of the recovered amount came from cryptocurrency seized during Ling’s arrest.
Victims Face Bitcoin Ownership Test
The dispute concerns Qian’s Ponzi scheme, which defrauded more than 128,000 investors in China between 2014 and 2017. Judge Mark Turner ruled that Chinese law should govern their claims since the investments, alleged misrepresentations, and immediate financial losses occurred in China.
However, the decision does not settle ownership of the Bitcoin. Investors must first establish ownership rights under Chinese law. The English court will then assess whether those rights justify the return of the assets under English law.
The investors seek the seized Bitcoin, including its increase in value, rather than compensation limited to their original investments. If they cannot prove legal ownership, large holdings could remain with the British state.
The case remains in London, where the High Court will hear expert evidence on Chinese law unless the ruling is overturned. The CPS said another hearing will determine whether the victims can establish an interest in the Bitcoin. The agency has previously said victims can instead seek compensation through a scheme in China.
Police Held Seized Devices for Years Before Discovering Bitcoin
Ling, 48, a Malaysian national living in Matlock, Derbyshire, arranged Airbnb bookings and helpers for Qian as she avoided British police. The £5.5 billion money laundering scheme was the largest in UK history. Ling admitted money-laundering offenses and received a prison sentence of 4 years and 11 months at Southwark Crown Court in November.
Qian’s company, Tianjin Lantian Gerui Electronic Technology, launched in March 2014 and offered investment products promising returns of up to 300%. She instead directed investors’ money into Bitcoin.
Qian entered Britain using false documents in 2017. She later tried to buy expensive properties with help from associate Jian Wen, whose involvement led to a money laundering conviction and a six-year sentence in 2024.
Attempts to purchase two Hampstead homes priced at £23.5 million and £12.5 million triggered money laundering checks. Police seized devices in 2018 but did not discover their Bitcoin holdings until 2021, after Qian had disappeared. Authorities arrested Qian in York and charged her in April 2024.
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